By now, everyone is familiar with cryptocurrency and bitcoin, and the hot-trending topic on blockchains that is closely related to these.
A simple definition for blockchain is that it is yet another kind of technology, capable of setting up digital currencies while keeping a track of all the transactions and ensuring that it is carried out well. The exciting fact about blockchains is that apart from currencies, these are capable of handling and dealing with various other virtual world-related factors.
Here, we provide you with a glimpse of the future applications that blockchains will drive:
Very much similar to the bitcoin blockchain, this open-source blockchain also referred to as bitcoin 2.0 is far advanced than bitcoin. What makes it better?
– With this, the users can enjoy the advantage of utilizing other cryptocurrencies along with bitcoins.
– This was the platform for a smart contract.
Ethereum is the superpower fused in with mining elements, possessing the excellence and speed to execute smart contracts, powered with the high-level programming language called Solidity.
Ethereum pampers developers by showering them with Ethers, which is its native currency, responsible for building Solidity-based code that is robust and error-free.
2.) Smart contracts
We discussed smart contracts in #1. So, it looks like this has got some close-knitted connection with Ethereum.
What exactly are these?
Programmable digitized – units – also, referred to as “contracts” that have been built on top of blockchains.
There is no single central authority, but here there are legal contracts that are represented as variable or statements, capable of releasing funds. This programmed digitized unit is referred to as “third-party executor” and is implemented on a bitcoin network.
This program will help make your business better and efficient.
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3.) Digital identity
We are all worried about security online. Though marketers and businesses have been reassuring every time about the security, there is always fear about loss.
But, with blockchain technologies that help in creating a secure and efficient system, now it will be easier for you to track and manage digital identities with seamless sign-ins.
You now have a safe and secure way to all your digital identity concerns as this is highly convincing, incontrovertible and secure with no fear of the possible hacking or any fraudulent activities.
4.) Digital voting
All the while, we had a complaint that electoral processes are not happening online. Security was one of the concerns that forced authorities from taking launching it online. Blockchain makes digital voting possible, as the voters can now cast their vote through electronic transmission, while no one knows what was their choice.
5.) Payments and money transfers
As we have already discussed ethereums, we are familiar with the fact that these enable money transfers, helping to ensure a high level of security. Blockchain makes it possible to send and receive funds from anywhere at any time at unbelievably cheap transaction rates.
Apart from the above-mentioned applications, blockchains can also be applied to supply-chain communications and proof-of-provenance, and distributed cloud storage, as well.
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